Gold is experiencing a bit of a pullback, but remains above the 55-day DMA at $1,844, which should act as the bottom of a short-term range for now, according to Credit Suisse strategists.
Crucial support at $1,776
“Gold has stalled in the short term, in line with our view last week that the market could see a longer pause below this level. However, the market has managed to hold above the DMA for 55, currently at $1,844, which should act as the bottom of a short-term range for now.”
“From a more medium-term perspective, just above the all-time highs of $2,070/$72 in 2020 and 2022 would suggest that we are seeing a meaningful and significant breakout longer-term, with resistance levels then seen at $2,300, and then $2,500. However, this is not our base case for now.”
“Support is seen at $1,844, where the 55 DMA is, before the crucial 200 DMA, currently at $1,776.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
